Himadri Speciality Chemical Limited (HSCL)

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Himadri Speciality Chemical Limited (HSCL) · mywealthgrid

About

Himadri Speciality Chemical Limited manufactures carbon black for tyres and elastomer applications within Chemicals & Petrochemicals. Standalone quarterly revenues average ₹1,200 Cr with consistent operating profitability (OPM 20.64%, ROE 17.83%) and conservative leverage (D/E 0.16). Market cap ₹39,404 Cr reflects recent momentum: 73.18% one-year returns and current PE 49.31.

Face value: ₹1

Market cap

₹33,557 Cr

P/E

42.0×

P/B

7.1×

Dividend yield

0.2%

ROE

17.8%

ROCE

23.4%

Debt / equity

0.16

OPM

20.6%

EPS (TTM)

₹15.8

Book value

₹93.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 49.31 leaves narrow margin for error if earnings growth slows or carbon-black demand cycles downward
Revenue spans ₹1,070–₹1,431 Cr across recent quarters; verify whether variation reflects cyclical demand, reporting-basis differences, or one-time factors
Operating margin compressed from 22.2% (Sep 2025) to 20.64%; verify if driven by input-cost inflation, pricing pressure, or temporary leverage loss
Carbon black is feedstock-linked commodity; identify raw material exposure and potential margin impact if input costs spike while pricing power remains limited

Generated analysis · source review pending

Growth drivers

Operating margins stable at 20–22% across quarters suggest revenue growth at similar margins would translate to proportional earnings expansion
Debt-to-equity of 0.16 provides balance-sheet capacity for capex, acquisitions, or growth investments without financial stress
EPS rose from ₹3.58 (Sep 2025) to ₹4.55 (Jun 2026); verify whether growth is driven by volume expansion, price gains, or fixed-cost leverage
Consistent annual dividend payouts (2022–2026) paired with 17.83% ROE indicate capital discipline; verify capex pipeline for capacity expansion or specialty-grade development

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹665.2-0.4%1Y

Quick read

rule-based

Pros

+High return on capital employed of 23.1%
+Healthy operating margin of 20.6%
+Profit CAGR of 73.7% over the last 5 years
+Revenue CAGR of 22.6% over the last 5 years
+Comfortable interest coverage of 16.5×

Cons

−Low dividend payout of 8.8% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 71
Growth: 77
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,322	1,490	2,072	2,422	1,806	1,679	2,791	4,172	4,185	4,613	4,661
COGS	845	882	1,365	1,600	1,224	1,234	2,245	3,254	3,030	3,147	2,900
Gross profit	477	608	707	822	582	446	546	917	1,155	1,466	1,761
	332	375	254	297	302	315	390	518	510	611	799
	146	233	452	525	280	131	156	399	645	854	962
OPM %	11%	15.7%	21.8%	21.7%	15.5%	7.8%	5.6%	9.6%	15.4%	18.5%	20.6%
Depreciation	67	33	33	0	39	47	50	51	50	55	68
Interest	111	82	70	71	55	33	36	66	64	45	64
	9	6	12	8	8	14	-17	-2	43	52	171
Profit before tax	-23	125	361	462	194	65	53	280	574	806	1,001
Tax	-4	42	113	138	-11	17	14	64	163	251	246
Tax %	-19.1%	33.9%	31.4%	29.8%	-5.8%	26.8%	27%	23%	28.4%	31.1%	24.6%
	-19	82	248	324	205	47	39	216	411	555	755
PAT margin %	-1.4%	5.5%	12%	13.4%	11.4%	2.8%	1.4%	5.2%	9.8%	12%	16.2%
EPS (₹)	-0.5	2	5.9	7.8	4.9	1.1	1	5.1	9.2	11.3	15.1
EPS adjusted (₹)	-0.5	2	5.9	7.8	4.9	1.1	1	5	8.3	11.3	14.9
	—	5.1%	1.7%	1.9%	3.1%	13.3%	20.4%	4.9%	5.5%	5.3%	5.3%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	39	42	42	42	42	42	42	43	49	49	50
Reserves	781	988	1,373	1,590	1,692	1,751	1,826	2,237	2,996	3,672	4,656
Minority interest	0	—	—	—	—	—	—	—	—	49	55
	1,049	745	595	430	337	729	587	836	600	309	767
	400	415	406	726	491	269	999	561	803	576	778
Total equity & liabilities	2,269	2,190	2,416	2,788	2,562	2,791	3,454	3,678	4,449	4,656	6,306
	1,228	1,176	1,178	1,170	1,441	1,468	1,546	1,515	1,534	1,605	1,942
CWIP	14	13	22	133	158	160	77	94	67	185	372
Investments	54	87	273	179	47	66	113	132	478	582	1,060
	972	914	943	1,305	917	1,098	1,718	1,938	2,371	2,283	2,933
Total assets	2,269	2,190	2,416	2,788	2,562	2,791	3,454	3,678	4,449	4,656	6,306

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Carbon materials and chemicals	4,366.94	828.45	4,029.75	314.72	3,715.03	22.3
Others	274.46	27.8

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	33.9%	32.2%	26.5%	19.6%	22%	27.6%	31.8%	37.8%
EBITDA margin %	21.7%	15.5%	7.8%	5.6%	9.6%	15.4%	18.5%	20.6%
EBIT margin %	21.7%	13.3%	5%	3.8%	8.4%	14.2%	17.3%	19.2%
PAT margin %	13.4%	11.4%	2.8%	1.4%	5.2%	9.8%	12%	16.2%
Working capital
Receivable days	56	62	100	66	44	57	50	55
Inventory days	124	121	100	125	61	85	68	96
Payable days	—	—	45	127	39	69	28	47
NWC days	—	—	155	65	66	73	90	103
Leverage
Current ratio	1.38	1.13	1.25	1.18	1.51	1.92	3.56	2.28
Debt to EBITDA	0.82	1.2	5.57	3.76	2.09	0.93	0.36	0.8
Debt to equity	0.26	0.19	0.41	0.31	0.37	0.2	0.08	0.16
Interest coverage	7.5	4.5	2.9	3.2	5.7	10	19	16.5
Asset turnover	0.87	0.7	0.6	0.81	1.13	0.94	0.99	0.74
Return ratios
Return on assets %	11.6%	8%	1.7%	1.1%	5.9%	9.2%	11.9%	12%
Return on capital employed %	28.8%	13.2%	5.2%	5.7%	16.8%	22.5%	23.3%	23.4%
Return on equity %	19.9%	11.8%	2.6%	2.1%	9.5%	13.5%	14.9%	16%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.86%	44.79%	50.29%	50.2%	50.78%	51.56%	51.61%	51.61%	51.57%	52.5%	52.5%	52.5%
	5.12%	5.39%	5.13%	5.16%	5.24%	5.15%	5.38%	5.19%	5.74%	5.75%	5.98%	6.8%
	0.5%	0.64%	2.12%	2.28%	3.6%	4.25%	4.63%	4.83%	3.22%	3.1%	3.21%	3.33%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	49.52%	49.18%	42.46%	42.36%	40.38%	39.04%	38.38%	38.37%	39.47%	38.65%	38.31%	37.37%
No. of shareholders	—	—	—	—	—	—	—	—	4,53,810	4,29,391	4,08,408	4,14,141

Promoter holding up 7.64 percentage points since Sep 2023.

121 deals · 21 Sept 2021 – 19 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
19 Aug 2026	VT CAPITAL MARKET PVT LTD	Bulk	NSE	Buy	56,68,897	₹736.65	₹417.60 Cr
19 Aug 2026	VT CAPITAL MARKET PVT LTD	Bulk	NSE	Sell	24,63,897	₹761.99	₹187.75 Cr
6 May 2026	VT CAPITAL MARKET PVT LTD	Bulk	NSE	Buy	27,59,072	₹631.81	₹174.32 Cr
6 May 2026	VT CAPITAL MARKET PVT LTD	Bulk	NSE	Sell	15,59,072	₹633.14	₹98.71 Cr
24 Apr 2026	VT CAPITAL MARKET PVT LTD	Bulk	NSE	Sell	47,01,610	₹576.21	₹270.91 Cr
24 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	38,77,558	₹582.14	₹225.73 Cr
24 Apr 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	38,77,558	₹581.91	₹225.64 Cr
24 Apr 2026	VT CAPITAL MARKET PVT LTD	Bulk	NSE	Buy	36,41,410	₹578.67	₹210.72 Cr
27 Dec 2024	MODERN HI-RISE PRIVATE LIMITED	Bulk	NSE	Buy	25,00,000	₹575.08	₹143.77 Cr
15 Sept 2023	BNP PARIBAS ARBITRAGE	Bulk	NSE	Sell	41,95,049	₹241.14	₹101.16 Cr

1–10 of 121

1 / 13

Mr. Anurag ChoudharyExecutive Director-Chairperson related to Promoter-CEO-MD
Mr. Shyam Sundar ChoudharyExecutive Director
Kamlesh Kumar AgarwalChief Financial Officer
Mr. Amit ChoudharyExecutive Director
Mr. Girish Paman VanvariNon-Executive - Independent Director
Mr. Gopal Ajay MalpaniNon-Executive - Independent Director
Mrs. Rita BhattacharyaNon-Executive - Independent Director
Mr. Amitabh SrivastavaNon-Executive - Independent Director
Ms. Monika SaraswatCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 11 fund houses

Held by these funds

0.42%

of the company's equity

All mutual funds

1.26%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

42 schemes · 11 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	3.74 L	24.68	0.7%	0.074%	+4,577
NIFTY SMALLCAP 50 INDEX FUND	Axis Mutual Fund	2.23 L	14.71	1.88%	0.044%	+9,035
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	1.9 L	12.54	0.7%	0.038%	+2,127
Flexi Cap Fund	Capitalmind Mutual Fund	1.89 L	12.44	2.61%	0.037%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.38 L	9.09	0.7%	0.027%	+1,252
FLEXICAP FUND	Samco Mutual Fund	1.33 L	8.74	3.34%	0.026%	-0
IB23-Groww Nifty EV & New Age Automotive ETF	Groww Mutual Fund	1.31 L	8.62	2.82%	0.026%	+2,331
Nifty Smallcap250 Quality 50 Index Fund	DSP Mutual Fund	98,083	6.47	2.04%	0.019%	-91

1–8 of 42

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Jul 2026Transcript AI Summary PPT REC
Apr 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

19

Final dividend22 May 2026 · ex-date₹0.8
Dividend dividend23 May 2025 · ex-date₹0.6
Final dividend7 Jun 2024 · ex-date₹0.5
Final dividend9 Jun 2023 · ex-date₹0.25
Final dividend20 Sept 2022 · ex-date₹0.2
Final dividend21 Sept 2021 · ex-date₹0.15
Final dividend18 Sept 2020 · ex-date₹0.15
Final dividend17 Sept 2019 · ex-date₹0.15
Dividend dividend23 Aug 2018 · ex-date₹0.1
Dividend dividend13 Sept 2017 · ex-date₹0.1
Dividend dividend15 Sept 2016 · ex-date₹0.05
Dividend dividend12 Sept 2014 · ex-date₹0.1
Dividend dividend13 Sept 2013 · ex-date₹0.1
Dividend dividend10 Sept 2012 · ex-date₹0.1
Dividend dividend19 Sept 2011 · ex-date₹0.1
Dividend dividend20 Sept 2010 · ex-date₹1
Dividend dividend10 Sept 2009 · ex-date₹1
Dividend dividend18 Sept 2008 · ex-date₹2
Dividend dividend6 Sept 2007 · ex-date₹5

1

Board meeting to consider results15 Jul 2026

1

Face value ₹10 → ₹18 Nov 2010 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

21 Sept 2026, 10:05 amCompany Update

Announcement under Regulation 30 (LODR)-Scheme of Arrangement

Scheme of Arrangement PDF

21 Sept 2026, 9:57 amOthers

Board Meeting Outcome for Outcome Of Board Meeting Held On 21 September 2026 -Scheme Of Arrangement Between Dalmia Bharat Refractories Limited ('Demerged Company') And Himadri Speciality Chemical Ltd ('Resulting Company')

Outcome without intimation PDF

18 Sept 2026, 10:40 pmCompany Update

Notice Of Board Meeting

General PDF

18 Sept 2026, 8:21 pmOthers

Board Meeting Outcome for Outcome Of Board Meeting Held On 18 September 2026

Outcome without intimation PDF

18 Sept 2026, 8:01 pmCompany Update

Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association

Amendments to Memorandum & Articles of Association PDF

16 Sept 2026, 3:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

15 Sept 2026, 7:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

31 Aug 2026, 7:09 pmCompany Update

Announcement under Regulation 30 (LODR)-Acquisition

Acquisition PDF

Date	Category	Subject	Filing
21 Sept 2026, 10:05 am	Company Update Scheme of Arrangement	Announcement under Regulation 30 (LODR)-Scheme of Arrangement	PDF
21 Sept 2026, 9:57 am	Others Outcome without intimation	Board Meeting Outcome for Outcome Of Board Meeting Held On 21 September 2026 -Scheme Of Arrangement Between Dalmia Bharat Refractories Limited ('Demerged Company') And Himadri Speciality Chemical Ltd ('Resulting Company')

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	33.9%	32.2%	26.5%	19.6%	22%	27.6%	31.8%	37.8%
EBITDA margin %	21.7%	15.5%	7.8%	5.6%	9.6%	15.4%	18.5%	20.6%
EBIT margin %	21.7%	13.3%	5%	3.8%	8.4%	14.2%	17.3%	19.2%
PAT margin %	13.4%	11.4%	2.8%	1.4%	5.2%	9.8%	12%	16.2%
Working capital
Receivable days	56	62	100	66	44	57	50	55
Inventory days	124	121	100	125	61	85	68	96
Payable days	—	—	45	127	39	69	28	47
NWC days	—	—	155	65	66	73	90	103
Leverage
Current ratio	1.38	1.13	1.25	1.18	1.51	1.92	3.56	2.28
Debt to EBITDA	0.82	1.2	5.57	3.76	2.09	0.93	0.36	0.8
Debt to equity	0.26	0.19	0.41	0.31	0.37	0.2	0.08	0.16
Interest coverage	7.5	4.5	2.9	3.2	5.7	10	19	16.5
Asset turnover	0.87	0.7	0.6	0.81	1.13	0.94	0.99	0.74
Return ratios
Return on assets %	11.6%	8%	1.7%	1.1%	5.9%	9.2%	11.9%	12%
Return on capital employed %	28.8%	13.2%	5.2%	5.7%	16.8%	22.5%	23.3%	23.4%
Return on equity %	19.9%	11.8%	2.6%	2.1%	9.5%	13.5%	14.9%	16%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Solar Industries India LimitedSOLARINDSSOLARINDS	₹1,75,570 Cr	₹1,77,038 Cr	₹11,351 Cr	₹3,102 Cr	26.7%	₹1,991 Cr	17.7%	34.2%	31.5%	152
Linde India LimitedLINDEINDIALINDEINDIA	₹53,291 Cr	₹53,291 Cr	₹2,654 Cr	₹913 Cr	35.9%	₹546 Cr	21.7%	15.9%	13.6%	-217
Gujarat Fluorochemicals LimitedFLUOROCHEMFLUOROCHEM	₹47,713 Cr	₹49,912 Cr	₹5,303 Cr	₹1,375 Cr	25.8%	₹615 Cr	11.5%	11.1%	7.6%	401
Navin Fluorine International LimitedNAVINFLUORNAVINFLUOR	₹41,740 Cr	₹42,967 Cr	₹3,634 Cr	₹1,232 Cr	32.6%	₹790 Cr	20%	21.6%	20.1%	61
Himadri Speciality Chemical LimitedHSCLHSCL	₹33,557 Cr	₹34,323 Cr	₹4,974 Cr	₹1,005 Cr	20.6%	₹799 Cr	16.2%	23.4%	17.8%	103
Aether Industries LimitedAETHERAETHER	₹22,161 Cr	₹22,603 Cr	₹1,224 Cr	₹384 Cr	31.3%	₹235 Cr	19.8%	13.2%	9.4%	330
Atul LimitedATULATUL	₹17,231 Cr	₹17,411 Cr	₹6,643 Cr	₹1,189 Cr	16.4%	₹704 Cr	11%	14.1%	11.5%	70
Aarti Industries LimitedAARTIINDAARTIIND	₹16,869 Cr	₹21,790 Cr	₹9,012 Cr	₹1,337 Cr	14.1%	₹531 Cr	5.1%	8.8%	7.3%	54
Deepak Fertilizers And Petrochemicals Corporation LimitedDEEPAKFERTDEEPAKFERT	₹16,417 Cr	₹21,903 Cr	₹12,104 Cr	₹2,016 Cr	14.6%	₹984 Cr	6.4%	12.6%	11.3%	55
Fine Organic Industries LimitedFINEORGFINEORG	₹15,752 Cr	₹15,797 Cr	₹2,472 Cr	₹535 Cr	20.4%	₹438 Cr	17.6%	21.6%	16.8%	113
Tata Chemicals LimitedTATACHEMTATACHEM	₹15,487 Cr	₹23,488 Cr	₹15,120 Cr	₹1,711 Cr	12.4%	₹-2,165 Cr	-11.8%	2.9%	-8.9%	113
Basf India LimitedBASFBASF	₹14,796 Cr	₹14,796 Cr	₹16,177 Cr	₹952 Cr	4.4%	₹643 Cr	2.8%	14%	11.1%	40

₹ Cr	Mar 2016	Mar 2017	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	296	205	-40	331	54	405	447	382
	-5	18	-114	-28	-397	-405	-235	-964
	-278	-233	165	-182	377	7	-271	591
Net cash flow	13	-10	11	121	34	7	-60	10
Free cash flow	281	201	-75	308	-29	352	276	-68
CFO / Operating profit %	203%	88.1%	-30.9%	212%	13.5%	62.8%	52.3%	39.7%

Himadri Speciality Chemical Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Dividends19

Board meetings1

Stock splits1

Announcements

Dividends19

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Carbon materials and chemicals · revenue

19

1

1

19

1

1